MANDATORY NOTIFICATION OF TRADE AND DISCLOSURE OF CHANGE IN LARGE SHAREHOLDINGS

Armada Seismic ASA sold 6,000,000 shares in Dolphin Group ASA (the "Company") on the 21st of December 2011. Following the transaction Armada Seismic ASA controls 7.705.457 ordinary shares in the Company.

Due to the transaction Armada Seismic ASA fell below the threshold of 5% as referred to in the Norwegian Securities Trading Act of 29th June 2007 Section 4-2. Armada Seismic ASA now controls 3,08% of the total number of shares and voting rights in the Company.